Egypt will develop the first green hydrogen facility with the financial support from EBRD (European Bank for Reconstruction and Development).
The bank announced that it will provide a $80 million loan to develop this project.
According to the statement issued by EBRD, the loan has been provided to Egypt Green which is a joint venture of different groups.
It stated that the financing will be used to “acquire and construct a 100-megawatt (MW) electrolyser facility to be powered by renewable energy.”
This facility will deliver up to 15,000 tonnes of green hydrogen annually once it is fully developed. The generated hydrogen could be sold on the Egyptian and international markets, it stated. The project is expected to support the country and world achieve the net zero targets by 2050.
Nandita Parshad, Sustainable Infrastructure Managing Director at the EBRD was quoted stating that this project “demonstrates the commercial viability of green hydrogen production, paving the way for the decarbonisation of fertiliser and other hard-to-abate industries.”
It is learnt that currently, Egypt Green is testing the first and largest PEM electrolyser in Africa for the first phase of the project. The country’s current production is largely based on natural gas.
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